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Freddie Mac Primary Mortgage Market Weekly Survey Results

30-year fixed-rate mortgage (FRM) averaged 4.13 percent with an average 0.5 point for the week ending December 8, 2016, up from last week when it averaged 4.08 percent. A year ago at this time, the 30-year FRM averaged 3.95 percent.

The interest rate and monthly mortgage payment on a 30-year fixed-rate mortgage remain the same throughout the entire life of the loan, accounting in part for their large popularity. Borrowers with this mortgage pay an unchanging amount of principal (the actual loan amount) and interest every month, building equity over time. The main advantage of a fixed-rate mortgage is that the borrower knows exactly what their monthly costs will be until the entire mortgage has been completely paid out. The main disadvantage is that the borrower pays higher amounts of interest over the life of the loan.

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